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Royalty Trusts Are Alternative To Private-Equity Fund Investments

"This business has been profitable every single month since it was formed in 1987." Those were the words of an Ohio oil and gas operator reflecting on his last 27 years in business. He owns and operates oil and gas wells and gathering systems given up by others as noncore, tail-end properties. It is a truism that good businesses are hard to find. Once found, owning them for a long time can deliver great rewards. His business proves it.Few private-equity firms can hold great businesses for long periods, though. Instead,...